"There's a few things Labour should be doing in my view. They have to get a coherent line on the economy," Mullin told the BBC's World at One. "Firstly they've got to counter – and my goodness they should have been doing this for a long time – the vast lie which has been allowed to become embedded in the public consciousness that our economic problems were primarily caused by the last government.
"To paraphrase Bill Clinton: it was the bankers, stupid. The only thing Labour needs to apologise for is not regulating the banks sufficiently, and the Tories are not entitled to take advantage of that because throughout they were in favour of less regulation, not more."
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